Under $260K With Potential to Add Value With A Minor Renovation
Property ID: 15137315
Purchase Price $259K
Estimated Renovation Costs $10K
Estimated Rent $285 per week (after renovation)
Estimated Yield 5.51%
Cost to add Granny Flat $130K
Estimated total rent $270 + $250 = $520 per week.
Estimated Gross Yield 6.78%
The existing house has 3 bedrooms, 1 bathroom and a car port. The floorings have seen better days but there is hardwood flooring underneath. With a new modern paint job and a few other touch ups this property will be almost unrecognisable and will attract a higher rent.
The existing house is situated towards the front of a large 900m2+ block which will allow plenty of room for a granny flat (subject to Council approval).
This investment is in a great location with many facilities nearby;
* Bus stop 100m
* Child care 150m
* Train station 500m
* Bunnings 500m
* Primary School 750m
* Private school 900m
* Shopping centre 1km: with Woolworths, Big W, over 50 Specialty stores and 1,200 car parks.
* Aldi 1.4km
* High school 2.2km
Businesses that have invested nearby include McDonald's, Hungry Jacks, Red Rooster, Dominos, Subway, The Coffee Club, pizza Hut, KFC, Sizzler, Gloria Jeans and Toyota.
There is a $1 Billion Industrial Park just 4km away and another is to be constructed 6km away and this one is projected to create 14,000 jobs.
Other facilities within 6km include;
* TAFE Campus.
* University Campus.
* 2 Hospitals.
* Major shopping centre with Coles, Woolworths, Aldi, Target, Best & Less, Cinemas and more than 100 specialty stores.
The population of this region is forecast to more than double in the next 16 years, bringing an additional 75,000 jobs to the area. An additional 120,000 jobs are expected to be created within travelling distance to this location.
There is currently $Billions in infrastructure spending planned for this city. As a result this region is projected by property experts to see strong capital growth over the next 3 years.
* Vacancy rates are at 1.9% (2 - 3% is considered a balanced market).
* Online enquiries into this suburb are 23% higher than the state average.
* The number of sales has increased by 57% compared to 12 months ago.
* Days on market have reduced by 26% over the past 12 months.
Call Matthew Barnes on 0430 979 900 for further details.